Ganbat P. is 47 years old and lives with his wife and three sons in a ger, a traditional Mongolian nomadic housing tent, in Huvsgul province of Mongolia. All his three son attend university. His wife runs a used clothes selling business at a local market to supplement for her family's income. Ganbat started and has been operating this wood products producing business since 1983. He builts frame for Ger's complete with ornaments and exports them to Buriad, a city in Russia.
He has used his business earnings to pay for his children's tuition fees. In the 27 years of owning his business, Ganbat has not only gained experience and knowledge in making quality furniture products, but he has also gained business knowledge. He is requesting a 3,500,000 MNT loan to grow his working capital for his business.
This loan is being administered through XacBank, a Mongolian for-profit microfinance institution. XacBank is located in every province of Mongolia, reaching some of the most rural micro business clients. With this Kiva loan, there is an opportunity for the entrepreneur to get a savings account including 9% of the interest if they pay back the loan on time. This is a special savings account that XacBank has specifically prepared for the Kiva loan borrowers to promote savings habits.